Senior Executive Changes Continue at Saxo Bank with Exit of Søren Kyhl

Senior executive changes at Saxo Bank continue as longtime executive Søren Kyhl confirmed that he is leaving the Copenhagen-based Retail FX and CFDs broker following the completion of its acquisition by J. Safra Sarasin Group.

The transaction, which gives the Swiss private banking group a 70% majority stake in Saxo Bank, officially closed earlier today, nearly a year after it was first announced. Kyhl’s departure comes amid a wave of executive changes tied to the ownership transition.

Kyhl spent just over a decade at Saxo Bank, joining the firm in 2016 as Chief Operating Officer. In 2018, he also assumed the role of Deputy CEO. Prior to Saxo, Kyhl worked for 13 years at Danske Bank, where he served as Global Head of Transaction Banking before moving to the brokerage group.

Senior Executive Changes Continue at Saxo Bank with Exit of Søren Kyhl

In a message shared on LinkedIn, Kyhl said his exit had been planned following the agreement for Safra Group to become Saxo Bank’s majority shareholder.

“With today’s closing of the transaction bringing J. Safra Sarasin Group in as 70% majority shareholder, Saxo Bank enters a new chapter and so will I,” Kyhl wrote. “We agreed on this together shortly after the deal was signed back in March 2025.”

Reflecting on his tenure, Kyhl described the past decade as a period of transformation for the company. During that time, Saxo broadened its client focus from primarily serving active traders to also targeting long-term investors. The firm’s client base grew from just over 100,000 accounts to more than 1.5 million, while client assets expanded from under DKK 80 billion to more than DKK 1 trillion.

He also pointed to the acquisition and integration of BinckBank as a milestone during the period, alongside ongoing upgrades to Saxo’s technology infrastructure aimed at scalability, compliance, and digital client experience.

Kyhl joins several other senior leaders who have recently departed Saxo Bank, including Laura Berg Deleuran, Stig Christensen, Thomas Dam, Dan Squires, Nicolò Pagliari, and Anaam Raza.

Kyhl said he will now take time to reflect on the next stage of his career after what he described as “a truly exciting decade” with the firm.

Company Overview

Saxo Bank stands out as a premier multi-asset broker, offering exceptional research capabilities and an exceptional trading platform, along with an impressive array of over 70,000 tradable instruments, which include spot forex, FX options, NDFs, CFDs, stocks, stock options, exchange-traded funds, ETNs, futures, and 33,000 bonds. For engaged traders, Saxo Bank offers a comprehensive and immersive trading journey, boasting an extensive toolkit, research resources, and premium features.

Discover more in our Complete Review.